Big Banks to Reveal Summaries of Living Wills July 3, FDIC Says

June 29 (Bloomberg) -- Summaries of company-written plans
for unwinding the nine largest systemically important banks
operating in the U.S. will be made available to the public July
3, Federal Deposit Insurance Corp. officials said today.

JPMorgan Chase & Co., Bank of America Corp., Citigroup
Inc., Goldman Sachs Group Inc., Morgan Stanley, Barclays PLC,
Deutsche Bank AG, Credit Suisse Group AG and UBS AG are required
to file the so-called living wills to the FDIC and the Federal
Reserve by July 2, FDIC officials said on a conference call
today. Each bank also must produce a public summary, and the
information in those sections will likely contain data from
existing public sources, with proprietary information reserved
for the regulators, said the officials who disclosed the
information under terms that required they not be identified.

Lenders with more than $250 billion in nonbank assets will
be the first group of banks to deliver the liquidation plans,
expected to run into thousands of pages. The plans, mandated by
the Dodd-Frank Act, are meant to give regulators a way to
shutter complex financial firms without taxpayer bailouts or the
market turmoil that followed the 2008 bankruptcy of Lehman
Brothers Holdings Inc.

By the end of 2013, a total 125 banks are required to
deliver plans for taking their companies into bankruptcy, FDIC
officials said. The regulators are responsible for determining
whether each living will represents a credible path to a rapid
and orderly closure that doesn’t threaten the financial system.

The regulators will have 60 days from submission of the
plans to request more information from the companies if the
plans aren’t considered complete.